Kuwait Fund lends KWD 3 million for new 50-bed hospital in Th. Veymandoo
The Maldives and the Kuwait Fund signed a KWD 3 million (about USD 9.7 million) loan on 4 November 2026 to build a 50-bed hospital in Th. Veymandoo, the finance ministry said.
A new 50-bed hospital in Th. Veymandoo will be funded by a KWD 3 million loan, about USD 9.7 million, signed on 4 November 2026 by the government and the Kuwait Fund for Arab Economic Development (KFAED).
According to the Ministry of Finance and Public Enterprises, Minister Hassan Zareer signed for the Maldives and KFAED Acting Director General Rashaid A. Al-Bader for the Fund. The Minister of Health, Family and Welfare and senior Fund officials were present.
Secondary care for Th. Atoll
The Th. Veymandoo New Hospital Construction Project is meant to produce a modern, fully equipped facility offering secondary healthcare to people on the island and in surrounding communities. The ministry said the aim is to make quality care easy to reach for residents of Th. Atoll, relieve the hospital's existing shortage of space, widen its services and use space for care and equipment more efficiently.
The loan sits within the USD 10 million a year that the Fund currently allows for the Maldives.
A first for the Fund in health
Al-Bader said the deal is the Fund's 15th loan to the Maldives and the first time it has invested in health. He noted that the relationship dates back 50 years to a first agreement in 1976, and so far includes:
- 14 concessional loans worth around USD 185 million in total
- USD 5.7 million in grants and technical assistance
Zareer on past support
Zareer pointed to earlier Fund backing for the Velana International Airport development projects, the new terminal expansion and the Fuvahmulah Coastal Protection Project. He called the new agreement a joint investment in the health, well-being and future prosperity of Maldivians, and said fair and accessible healthcare is a national priority for a country spread across many islands.
Annual limit to rise in 2027
During a courtesy call after the signing, KFAED said it would lift its yearly lending limit for the Maldives from USD 10 million to about USD 40 million from 2027. Zareer had asked for the increase on the sidelines of an Asian Infrastructure Investment Bank (AIIB) Annual Meeting. The Fund also signalled strong interest in the Thilafushi port development project and said it was prepared to begin financing discussions.
The ministry did not disclose the loan terms or say when construction will start or finish.